BAKU, Azerbaijan, May 26. The Azerbaijan Deposit Insurance Fund has completed the process of liquidation of two banks - Azerbaijan Credit Bank OJSC and Borcalı Bank, the Fund told Trend.
“The liquidation process for two banks, Azerbaijan Credit Bank OJSC and Borcalı Bank, has been completed. For four other banks—Royalbank OJSC, Caucasus Development Bank OJSC, Ganjabank OJSC, and DemirBank OJSC—the final repayments to unsecured creditors are underway.
From 2020 to the present, depositors of six banks where insured events occurred have received compensation totaling 893.6 million manat or $ 522.3 million. Additionally, since the fund assumed liquidation duties, a total of 32.2 million manat or $18.8 million, has been paid to creditors of banks in liquidation, and this process is ongoing,” the fund said.
To note, the Azerbaijan Deposit Insurance Fund was established in 2007.
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